Stocks are rallying

Near 11:05 a.m. ET on Monday, the Dow was up 260 points, the S&P 500 was up 22 points, and the Nasdaq was up 57 points.

Every stock except one on the Dow closed negative Friday; and the S&P 500 and the Nasdaq fell by more than 1%. Stocks in Europe and China also tanked.

In addition to the rally in equities, metals, notably gold, were tumbling.

Gold fell by more than $7 an ounce to as low as $1194.90.

Silver fell by more than 2% to around $15.90 an ounce, the lowest in a month.

Here's a chart showing the drop:

Finviz

This week is also one of the busiest week of earnings season, with big names including Google and Coca-Cola set to report first quarter results.

On Monday morning, Halliburton reported that it swung to a loss in the first quarter, and revenues of $7.1 billion, down from $7.3 billion last year, beat expectations for $6.89 billion. Excluding special items, it posted earnings per share of $0.49, down from $0.73 the previous year, and beating expectations for $0.35.

And, Morgan Stanley posted a beat on the top and bottom line, with adjusted EPS of 85 cents per share (78 cents estimated) and revenue of $9.9 billion ($9.19 billion estimated.)